The NBA franchise announced Tuesday they have officially changed the name back to the Hornets after 10 years of being known as the Bobcats.

The team formally announced the name-change Tuesday at the its downtown arena nearly one year after owner Michael Jordan indicated that he wanted to change the name back to the Hornets.

The league approved the change last July.

Jordan didn't attend the press conference, but issued a statement saying it's a "historic day for our franchise, our city and our fans."

The Hornets resided in Charlotte from 1988-2002 before George Shinn moved the team - and name - to New Orleans. The name became available when New Orleans owner Tom Benson changed his team's name from the Hornets to the Pelicans.

The team also announced all the former Charlotte Hornets history will return to Charlotte, and new jerseys and the new basketball court will be unveiled next month.